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The total value of fines handed out by the Financial Conduct Authority (FCA) fell by nearly 75pc in 2018 following a bumper year in 2017 when the watchdog issued a record number of large penalties.

The FCA handed out fines totalling £60.5m in the year to date compared to £230m in 2017 - a year which included hefty fines issued to Deutsche Bank, Merrill Lynch and Rio Tinto.

More than half of the total fines issued this year came from a £32m penalty against Santander made earlier this month. The high street banking giant was penalised on the back of “serious failings” in processing the accounts of deceased customers.

Tesco Bank was also fined £16.4m earlier this year over a cyber attack in 2016...